This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Crude prices dip on expected climb in US output
On Tuesday, crude prices sagged in thin trade, after the Easter holiday break closed many markets for as long as four days and an American government report showed ascending output.
Brent crude futures slid 9 cents, trading at $55.27. On Monday, they concluded a quiet trading session, down 53 cents, reaching $55.36.
West Texas Intermediate crude futures sagged 9 cents, being worth $52.56 a barrel. The given benchmark settled down 53 cents, getting to $52.65 a barrel.
The benchmark for American crude had also ascended for three straight weeks through Thursday, right before the Easter break.
Market participants have been pushing crude up for nearly a month. This week market experts expect some healthy price correction.
In May, American shale output is likely to report the greatest monthly revenue in more than two years, as government data revealed on Monday because shale crude producers increase the pace of drilling with crude prices holding above $50 a barrel.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.